Notice Concerning the Acquisition of Asset 1

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Notice Concerning the Acquisition of Asset 1 <For translation purposes only> December 18, 2008 For Immediate Release REIT Issuer Hankyu REIT, Inc. (Securities Code: 8977) 19-19 Chaya-machi, Kita-ku, Osaka Mineo Yamakawa, Executive Director Asset Management Company Hankyu REIT Asset Management, Inc. Mineo Yamakawa, President & Representative Director Contact: Hideo Natsuaki General Manager, Investor Relations Dept. Email: [email protected] Notice Concerning the Acquisition of Asset Hankyu REIT, Inc. (hereafter “Hankyu REIT”) hereby notifies today that the acquisition of the asset mentioned below has been decided. Details 1. Overview of Acquisition (i) Acquired asset: Real estate trust beneficiary interests Trustee: Mizuho Trust and Banking Co., Ltd. (ii) Property name: Hotel Gracery Tamachi (iii) Proposed acquisition price: 4,160 million yen (excluding acquisition-related expenses, property tax, city planning tax and consumption tax, among others) (iv) Proposed acquisition date: December 25, 2008 (v) Seller: E-HOTELS-SB GK (vi) Acquisition funds: Debt financing and corporate funds 2. Reason for Acquisition Based on policies and properties under management as stipulated in our articles of incorporation, we are acquiring a property to obtain steady growth with a focus on an overall balanced portfolio. The information about this property was provided by Hankyu Hanshin Holdings Group and this acquisition shows the results that can be achieved through collaboration with the aforesaid Group. As announced in the press release dated November 28, 2008, “Notice Concerning Partial Changes in Investment Policy,” Hankyu REIT has partially changed its investment policy to enable investment in hotels. Also, with the decision to acquire this property, we have made the following assessments: (i) Location Conditions The property is a brand new hotel for business travelers, which was completed in September 2008 and open for business in October. It is approx. 5 minutes walking distance from JR Tamachi Station and approx. 7 minutes walking distance from the Mita subway station. From Mita Station, it is possible to 1 reach Haneda Airport in 30 minutes via the Toei Asakusa Line which connects directly to Keikyu Line. Also, JR Shinagawa Station, an access point on the Tokaido Shinkansen, is just one stop from JR Tamachi Station, making the hotel very convenient for business travelers from anywhere in Japan. The property was developed as a redevelopment project of the site of the former Shibaura Campus of Shibaura Institute of Technology. In April 2009, a new urban block, “Shibaura RENASITE," which will become three urban-block zones comprised of the property and the adjacent university and office building, is scheduled to be inaugurated. After this occurs, the function that the property will provide the city into the future, is expected to come into greater play. (ii) Property Characteristics The property is a hotel for business travelers with a total of 216 rooms, mostly single, each exceeding 15m2. Moreover, Fujita Kanko Inc., the hotel’s operator, has given the hotel the newly released hotel brand “Gracery.” The Gracery brand is one rank higher than the existing “Washington Hotels” brand. It is expected to perform well due to its competitive strength as a hotel for business travelers that is one rank higher in facility grade. The property, with respect to contract format and tenants, conforms to the Hankyu REIT’s investment policy on hotels that was partially revised on November 28, 2008. 3. Details of the Acquired Asset Property name Hotel Gracery Tamachi Specific asset type Trust beneficiary interest Proposed acquisition price 4,160 million yen 4,160 million yen (As of October 15, 2008) Appraised value (Appraisal organization:Rich Appraisal Institute K.K.) Location Address 3-8-1 Shibaura, Minato-ku, Tokyo Land Building coverage 60% Building Month/Year September 2008 Built Floor area ratio 400% Structure/ Reinforced concrete, steel Floors frame reinforced concrete, steel frame structure with deck roof and 11 floors. Zone use Light-industrial zone Use Hotel, Parking garage space Lot area 1,724.01 m2 Total floor 4,979.95 m2 area Form of ownership Right of ownership Form of Right of ownership ownership Design company Toda Corporation, and Nikken Sekkei Ltd. Construction company Toda Corporation Building recognition The Building Center of Japan organization Author of engineering report Takenaka Corporation (November 2008) Property manager Hankyu Hanshin Building Management Co., Ltd. PML of earthquake risk 10.2% (Evaluator: Engineering & Risk Services Corporation, OYO RMS analysis Corporation) Collateral None 2 4. Overview of Leasing Total number of tenants 1 (Note 1) Principal tenant Fujita Kanko Inc. Annual rent — (Note 2) Rental area capacity 4,943.66 m2 (Note 3) Actual rented area 4,943.66 m2 (Note 3) Occupancy rate 100% (Note 4) Security Deposit — (Note 2) Note 1: The total number of tenants as of the date of this press release. The parking garage space is not included. Note 2: The information is not permitted to be disclosed (tenant request). Note 3: Rental area capacity and actual rented area are the figures expressed by the building lease agreement as of the date of this press release. The parking garage space is not included. Note 4: The ratio of actual rented area to rental area capacity. 5. Overview of the Seller Trade name E-HOTELS-SB GK Location of headquarters Tokyo Kyodo Accounting Office, 3-1-1 Marunouchi, Chioda-ku, Tokyo Representative Company: Garden Capital Limited Liability Intermediary Corporation Representative Executor of Duties: Masato Kaida Capital 1 million yen E-HOTELS-SB GK is a special purpose company in which Garden Capital Limited Major shareholders Liability Intermediary Corporation has made investments and Hankyu Corporation and others have invested for the part of anonymous associations. 1. Acquisition, ownership, disposal, lease and management of real estate Main business activities 2. Acquisition, ownership, and disposal of trust beneficiary interests of real estate 3. Operations related to or of ancillary relationship to, the above operations Hankyu Corporation, shareholder (100% holding) of asset management company, Relation to Hankyu REIT Hankyu REIT Asset Management, Inc., is an interested party as defined by the or asset management Investment Trust and Investment Corporation Law, and although it comprises a part of company anonymous associations investing in the seller, it does not qualify as a special interested party. Note: Above capital represents the amount as of the date of this press release. 6. Transactions with Interested Parties, etc. The property management operations have been consigned to Hankyu Hanshin Building Management Co., Ltd. Because the aforesaid company falls under the definition of “interested party, etc,” in the Investment Trust Law, the conditions concerning the conclusion of the property management agreement, have been scrutinized and approved by the investment management committee, the compliance committee, and the board of directors of the asset management company in accordance with the asset management company’s rules concerning transactions involving conflicts of interest, investment management committee regulations, and compliance committee regulations, among others. Details on intermediaries are described in “7. Overview of Intermediaries.” 3 7. Overview of Intermediaries (1) Broker: Hankyu Investment Partners, Inc. Because Hankyu Investment Partners falls under the definition of “interested party, etc,” in the Investment Trust Law, the conditions concerning consignment of brokerage operations, have been scrutinized and approved by the investment management committee, the compliance committee, and the board of directors of the asset management company in accordance with the asset management company’s rules concerning transactions involving conflicts of, interest, investment management committee regulations, and compliance committee regulations, among others. (2) Payment fee: 83,200,000 yen(excluding consumption tax) 8. Acquisition Process December 18, 2008 Resolution approving execution of the agreement at the asset management company's board of directors' meeting. December 25, 2008 Proposed conclusion of agreement to transfer real estate trust beneficiary interests and proposed acquisition 9. Future Outlook There is no effect from the acquisition of this property on Hankyu REIT's operating conditions in the 7th fiscal period (ending November 2008). Forecasts for operating conditions in the 8th fiscal period (ending May 2009) will be publicly disclosed when financial statements and results for the 7th fiscal period are released. • The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club), Osaka Securities Exchange, Ministry of Land, Infrastructure and Transport, and to the press club of the construction trade newspaper of the Ministry of Land, Infrastructure and Transport. • Hankyu REIT website: http://www.hankyu-reit.jp/ <Attached materials> ・Reference material 1 Overview of Appraisal Report ・Reference material 2 Table of Real Estate Portfolio After the Acquisition of the Property ・Reference material 3 External photograph, information guide 4 Reference Material 1 Overview of Appraisal Report PROPERTY NAME Hotel Gracery Tamachi Appraised Value 4,160,000,000 yen Appraisal Organization Rich Appraisal Institute Co., Ltd. Date of Appraisal October 15, 2008 Item Value Basis for Valuation Earned Price * 4,160,000,000 yen Earned Price from Direct Capitalization Method 4,210,000,000
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